Core Viewpoint - Coinbase is challenging the authority of state gambling laws by filing lawsuits against Connecticut, Illinois, and Michigan, asserting that federally regulated prediction markets should fall under the jurisdiction of the CFTC rather than state regulations [1][2][3]. Group 1: Legal Actions - Coinbase has initiated lawsuits in three U.S. states to seek federal protection for its prediction markets, arguing that these markets are financial derivatives rather than gambling products [2][3]. - The lawsuits request federal judges to affirm that prediction markets on a CFTC-regulated platform are governed by the Commodity Exchange Act (CEA) and not by individual state gambling codes [3][4]. Group 2: Federalism Argument - Coinbase's legal filings present the issue as both structural and statutory, claiming that allowing states to independently regulate prediction markets could undermine the federal system by enabling the most restrictive state laws to dictate national rules [4]. - The company references the Commodity Exchange Act, which broadly defines "commodity" and excludes only a few specific items, arguing that the absence of exclusions for sports or politics indicates Congress intended for such event contracts to be federally regulated [4]. Group 3: Distinction from Traditional Gambling - Coinbase's chief legal officer emphasizes the difference between its prediction markets and traditional sportsbooks, stating that while casinos profit from customer losses, prediction markets serve as neutral platforms that match buyers and sellers without bias towards outcomes [5].

Core Viewpoint - The stock market is witnessing an increase in trading options for investors, particularly with the expansion of platforms like Coinbase that allow trading of both cryptocurrencies and U.S.-based stocks using stablecoins [1][3]. Group 1: Coinbase's Market Position - Coinbase Global is the largest U.S. cryptocurrency exchange, offering over 275 digital assets and 340 trading pairs on its platform [4]. - The company has more than $516 billion in assets on its platform, with a quarterly trading volume of $295 billion [4]. - Coinbase has a market capitalization of $64.5 billion, but its stock has declined by 2.5% this year, contrasting with the S&P 500's increase of over 15% [5]. Group 2: Financial Performance - Coinbase reported a strong third-quarter earnings performance, with net income reaching $432.6 million, a significant increase from $75.5 million a year ago [7]. - Earnings per share were $1.50, compared to $0.28 per share a year ago, surpassing analysts' expectations of $1.10 per share [7]. Group 3: Valuation Metrics - The price-to-earnings (P/E) ratio for Coinbase is currently at 20.7, down from over 60 earlier this year, indicating a significant decrease in valuation [6]. - The price-to-sales (P/S) ratio stands at 7.6, which is lower than its three-year median of 9.5, suggesting that the stock may be undervalued compared to its historical performance [6].

Core Insights - Bitget, the world's largest panoramic exchange, has announced an annual partnership with ETH Zurich's Google Developer Community (GDGoC) as part of its educational initiative Blockchain4Youth [2] - The collaboration aims to support and co-host multiple GDG events, including hackathons and themed workshops, to enhance students' knowledge in emerging technologies [2][4] Group 1: Partnership Details - The partnership will involve joint hosting of educational activities throughout the year, focusing on sharing Bitget's expertise in the Web3 market through discussions and practical sessions [2][4] - The collaboration began earlier this year and has included sponsorship of various events, such as the "Build with AI" hackathon in May, which attracted 130 participants [4] Group 2: Educational Impact - Bitget aims to provide students with real industry insights and practical skills in algorithmic trading and blockchain infrastructure, moving beyond theoretical knowledge [3] - Future activities may include hackathons and special meetups in collaboration with other communities, featuring expert talks and interactive workshops with leading market companies [4] Group 3: Company Overview - Bitget, established in 2018, serves over 120 million users, offering trading channels for millions of cryptocurrencies, tokenized stocks, ETFs, and other real-world assets [5] - The ecosystem is designed to help users trade smarter through AI-powered tools and a seamless platform connecting blockchain infrastructure with everyday financial scenarios [6]

来源：市场资讯 Coinbase 就康涅狄格、伊利诺伊、密歇根三州试图以"博彩监管"框架约束预测市场一事提起诉讼。 Coinbase 首席法务官 Paul Grewal 表示，预测市场应由美国商品期货交易委员会（CFTC）统一监管，而 非州级博彩监管机构；Coinbase 称州层面的限制将"扼杀创新并违法"。（CoinDesk） （来源：吴说） ...

Core Insights - Hyperliquid has experienced significant outflows, with over $2 billion withdrawn since September, leading to a decline in its total value locked (TVL) and a sharp drop in the price of its native token, HYPE [1][6]. Group 1: Financial Metrics - Hyperliquid's TVL peaked at $2.79 billion on September 19 but has since fallen by more than 45% to $1.48 billion as of mid-December [2]. - In the thirteen weeks leading up to December 15, traders withdrew over $2 billion in USDC from Hyperliquid [2][6]. - The price of HYPE has decreased by nearly 40% in the month leading up to December 19 and is down approximately 58% from its all-time high in September [4]. Group 2: Market Dynamics - The decline in Hyperliquid's performance coincides with increased competition from alternative perpetual futures exchanges, which have attracted trading activity away from Hyperliquid [2][3]. - Aster and Lighter have surpassed Hyperliquid in trading volume, pushing Hyperliquid into third place in the market [3]. - The competitive landscape in the perpetuals market is becoming more dynamic, with liquidity shifting as traders seek better incentives across different platforms [4].

Bybit, the second-largest cryptocurrency exchange by volume traded, said it has returned to the U.K. two years after stricter rules around the promotion and marketing of crypto services forced it out. The company, which boasts some 80 million users worldwide, restarted U.K. services including spot trading on 100 currency pairs on Thursday, the company said . The Financial Conduct Authority (FCA) has been vigilant in regulating advertising and marketing of crypto services to British residents. Rules it i ...

Coinbase has filed lawsuits against financial regulators in Michigan, Illinois, and Connecticut, launching an aggressive preemptive challenge to prevent states from regulating its planned prediction market products. The legal filings seek court orders to affirm that prediction markets are commodities, placing them under the exclusive jurisdiction of the federal Commodity Futures Trading Commission (CFTC), not state-level gaming and gambling laws. “Some states think prediction markets fall outside the CFT ...

The shares of Coinbase Global (Nasdaq: COIN), the largest U.S. crypto trading exchange, surged after the company received a nod from Indian authorities to acquire a minority stake in an Indian exchange. Brian Armstrong and Fred Ehrsam founded Coinbase in 2012 and turned it into a public company in 2021. The company, which operates crypto exchange platforms in more than 100 countries across the world, made it to the S&P 500 index in May this year. Related: Coinbase to re-enter India after nearly two year ...

Core Viewpoint - Bitfinex has implemented a long-term strategy to eliminate maker and taker trading fees to enhance its market share in the competitive cryptocurrency exchange landscape [1][2]. Group 1: Company Strategy - The zero trading fees will apply to various trading types, including spot trading, margin trading, derivatives trading, securities trading on Bitfinex Securities, and OTC trading [2]. - Bitfinex claims to have multiple revenue streams beyond trading fees, such as withdrawal fees and fees for specific capital market activities [2][3]. - The removal of trading fees is expected to create a competitive advantage, encouraging increased trading from existing customers and attracting new ones, thereby supporting higher volumes and deeper liquidity [3]. Group 2: Market Competition - The cryptocurrency exchange market is experiencing intensified competition, particularly with the rise of decentralized exchanges (DEXs), which are dividing the industry into centralized exchanges (CEXs) and DEXs [4]. - Bitfinex, as a centralized exchange, faces competition from major players like Binance, Coinbase, Kraken, and others [5]. - The emergence of decentralized alternatives has led to significant growth in daily trading volumes, with a peak of $50 billion in January 2025, currently consolidating at $11.63 billion during a bear market [6].

Cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) announced it will expand to enable users to trade stocks and event contracts tied to real-world outcomes. The move will diversify the company's offerings, as crypto trading competition ramps up.COIN is up 3% to trade at $251.43 at last glance, pushing back above its year-to-date breakeven mark. The security has added more than 31% in the past nine months and is bouncing off a familiar floor at $240, but is still a ways away from its July 18, record h ...